the vancouver rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION
published January 2024
The rennie advance is a summary of the latest sales, listings, and price trends in the Vancouver Region. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
table of contents
02 INTRO
03 SALES
04 TOTAL LISTINGS
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
05 MEDIAN PRICES
06 RENNIE INTELLIGENCE
Copyright © of January 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 2, 2024. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2
VANCOUVER REGION THE RENNIE ADVANCE sales
highlights • The Vancouver Region tallied only 2,107 MLS sales in December 2023, the 7th consecutive month of declining sales counts in the metro area. This was the third-lowest December sales count in the past ten years, and was 35% below the past-decade December average. • Notably, the November-to-December sales drop of 17% was in line with typical seasonality (with the past-decade month-over-month decline in sales at the end of the year also equalling 17%). Detached home and condo sales both fell by 21%, while townhome sales were down 19%. • For the full year 2023, there were 40,036 MLS sales in the Vancouver Region, 8% fewer than in 2022 and 22% below the past-decade average of 51,547.
DECEMBER 2023
1,000 1,500 2,000 2,500 3,000 3,500 4,000
+ 7% vs Dec 2022
1,262 10 yr Dec Avg
DETACHED sales
0 500
2023 673
- 47% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
﹍ 10 yr December Average
● December
1,000 1,200 1,400 1,600
+ 8% vs Dec 2022
0 200 400 600 800
590 10 yr Dec Avg
TOWNHOME sales
366
- 38% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr December Average
● December
3,500
+ 8% vs Dec 2022
3,000
2,500
2,000
1,314 10 yr Dec Avg
1,500
1,000
CONDO sales
1,000
0 500
- 24% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr December Average
● December
Copyright © January 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 2, 2024. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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3
VANCOUVER REGION THE RENNIE ADVANCE new listings
highlights • There were 2,046 new MLS listings last month—60% fewer than in November. This drop was not only greater than the typical November-to-December decline of 48%, but last month’s new listings were 25% fewer than the past-decade December average (of 2,708). That said, new listings were 13% higher than in what was a sluggish December 2022. • On a month-over-month basis, new listings for all home types were consistently lower: detached listings were down by 61% (to 677), townhome listings were down by 62% (to 326), and condo listings were down by 60% (to 951). • There were 76,824 new MLS listings in the Vancouver Region in 2023, 9% fewer than in 2022, 10% below the past-decade average of 84,942, and the lowest annual total since 2005.
DECEMBER 2023
7,000
+ 14% vs Dec 2022
6,000
5,000
4,000
1,097 10 yr Dec Avg
3,000
2,000
DETACHED new listings
0 1,000
2023 677
- 38% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
﹍ 10 yr December Average
● December
+ 1% vs Dec 2022
2,500
2,000
1,500
446 10 yr Dec Avg
1,000
TOWNHOME new listings
500
2023 326
0
- 27% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
﹍ 10 yr December Average
● December
5,000
+ 15% vs Dec 2022
4,000
3,000
1,107 10 yr Dec Avg
2,000
CONDO new listings
1,000
951
0
- 14% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr December Average
● December
Copyright © January 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 2, 2024. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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4
VANCOUVER REGION THE RENNIE ADVANCE inventory
highlights • There were 12,488 active MLS listings last month, which was a 20% decrease from November, though less than the typical 26% contraction. Total listings finished the year 8% above the past-decade December average (of 11,537). • On a month-over-month basis, inventory was lower for all home types: detached homes by 19%, townhomes by 23%, and condos by 21%. Relative to the past 10-year average, detached and condo inventory were higher by 5% and 14%, respectively, while townhome inventory was 3% lower. • The overall market remained in balanced territory in December, with 5.9 months of inventory (MOI). Notably, the condo and townhome segments favoured sellers, with MOIs of 4.2 and 4.8 respectively, while the detached market favoured buyers, with an MOI of 8.5.
DECEMBER 2023
14,000
+ 19% vs Dec 2022
12,000
10,000
8,000
5,434 10 yr Dec Avg
6,000
5,697
4,000
DETACHED inventory
0 2,000
+ 5% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr December Average
● December
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
- 1% vs Dec 2022
1,597 10 yr Dec Avg
1,547
TOWNHOME inventory
0 500
- 3% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr December Average
● December
12,000
+ 15% vs Dec 2022
10,000
8,000
6,000
4,196 10 yr Dec Avg
4,000
4,771
CONDO inventory
2,000
0
+ 14% vs 10yr Dec Avg
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr December Average
● December
Copyright © January 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 2, 2024. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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5
VANCOUVER REGION THE RENNIE ADVANCE median prices
highlights • On a month-over-month basis, the Greater Vancouver board area saw a decrease of 0.9% in median sold prices (averaged across home types), while the Fraser Valley experienced a decline of 1.8%. In Greater Vancouver, detached home and condo median prices fell by 2% and 4%, respectively, while townhome median prices rose by 4%. In the Fraser Valley, detached home prices fell by 4% and townhome prices eased by 0.8%, while the median condo price was unchanged. • On a year-over-year basis, median sold prices in both the Greater Vancouver and Fraser Valley board areas were higher, each by 6% (on average across types). In Greater Vancouver, detached home median prices were 6% higher, townhomes were 11% higher, and condos were 0.6% higher. In the Fraser Valley, detached home median prices were 0.9% higher, while townhomes and condos were each 8% higher.
DECEMBER 2023
•
$2,000,000
Greater Vancouver
$1.80M
$1,600,000
+ 6% vs Dec 2022
$1,200,000
$1.29M
$800,000
DETACHED median sales price
Fraser Valley
$400,000
+ 1% vs Dec 2022
$0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● December
$1,200,000
Greater Vancouver
$1,181,688
$1,000,000
+ 11% vs Dec 2022
$800,000
$825,000
$600,000
$400,000
TOWNHOME median sales price
Fraser Valley
$200,000
$0
+ 8% vs Dec 2022
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● December
$1,000,000
Greater Vancouver
$800,000
+ 1% vs Dec 2022
$689,000 $525,000
$600,000
$400,000
CONDO median sales price
Fraser Valley
$200,000
+ 8% vs Dec 2022
$0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● December
Copyright © January 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 2, 2024. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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6
the data behind rennie
Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
Copyright © of January 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 2, 2024. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6
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